The upward trend still dominates the AUDJPY pair.
There might be a trend reversal in the market due to the formation of the doji candle.
AUDJPY Weekly Price Analysis – November 6
Should the bulls increase their momentum, the resistance level at $98.388 may be retested.
AUDJPY Market
Key Levels:
Resistance levels: $95.000, $95.100 $95.200
Support levels: $92.800, $92.700, $92.600
AUDJPY Long-term Trend: Bullish
As we can see, AUDJPY is having a bullish posture on the daily chart. The pair may head towards $100.000 as the pair traders turn bullish. After a few days of increased actions by the bears, the momentum was lost and buyers returned to take over.
The market price at the $93.207 supply level above the moving averages opens today’s daily session. This suggests an uptrend and also shows that the pair is rising up in value.
Bulls’ impulsive move continues gradually with an initial increase to the $95.078 supply trend line.
The price action AUDJPY which is above the two EMAs is an indication of upward momentum in the price of the Yen in the context of the strength of the market.
However, the stochastic signal pointing up at around level 66 % in the overbought region is an indication that the currency pair might continue in the same direction and the bullish trend pattern might possibly reach the $100.000 high value in the days ahead in the long-term view.
AUDJPY Medium-term Trend: Bullish
The currency pair possibly making its way up after hitting the $93.132 support level during yesterday’s session.
The buy traders made a smooth race up to the $995.015 supply trend line as the 4-hourly market opens today.
The momentum hibernated as exhaustion sets in coupled with the gravestone doji that signaled the bears’ return. AUDJPY drops to the $94.768 support value above the two moving averages; this however implies that the buy investors still remain dominant in the market at the present.
Price is above the two EMAs, this indicates the buyers are on track gradually and the signal of the stochastic oscillator pointing down at around level 82% in the overbought region implies that the price of AUDJPY may likely encounter a trend reversal in the nearby days in the medium-term.
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